A composite material includes: carbon fibers having an average fiber length of more than about 10 mm and about 100 mm or less; and a thermoplastic resin. The carbon fibers are substantially two-dimensionally-randomly oriented. The composite material includes a carbon fiber bundle (A) in a ratio of more than 0 volume % and less than about 30 volume % to a total volume of the carbon fibers, the carbon fiber bundle (A) including the carbon fibers of a critical single fiber number defined by formula (1) or more. An average number (N) of the carbon fibers in the carbon fiber bundle (A) satisfies formula (2). Critical single fiber number=600/D  (1) 1.0×104/D2